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Real Estate > Leases: Landlord and Tenant > Flashcards

Leases: Landlord and Tenant Flashcards

1
Q

lessor

A

owner of real estate

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2
Q

lessee

A

tenant

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3
Q

demise

A

transfer of property by lease

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4
Q

Statute of Frauds requires that leases for a period of more than _____ be in writing

A

three years

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5
Q

leasehold estate

A

tenant’s rights to occupy land

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6
Q

what are the four most important leasehold estates?

A
  1. estate for years
  2. periodic estate
  3. tenancy at will
  4. tenancy at sufferance
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7
Q

estate for years

A

leasehold estate that continues for a definite period of time with a specific termination date

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8
Q

periodic estate

A

leasehold estates for an indefinite amount of time with payment at definite intervals

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9
Q

month-to-month tenancy

A

periodic estate when tenant pays on a monthly basis

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10
Q

holdover tenancy

A

a renter staying in the property after their lease terminates without signing a new lease.

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11
Q

tenancy at will

A

leasehold estate that gives tenant right to possess with consent of landlord for an indefinite period

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12
Q

tenancy at sufferance

A

when tenant who lawfully came into possession of real property continues to hold possession after rights have expired

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13
Q

standard lease provisions

A
  1. capacity to contract
  2. demising clause (lessor lets lessee take the premises)
  3. description of premises
    4.
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14
Q

landlord’s may charge no more than __________ as a security deposit

A

one and a half months rent

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15
Q

what groups are entitled to at least a five day grace period for late rent?

A

senior citizens who receive Social Security and government pensions

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16
Q

implied warranty of habitability

A

an unstated guarantee that a rental property meets basic living and safety standards before occupation

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17
Q

Department of Community Affairs

A

inspects buildings with three or more apartments at least every five years for compliance with building/construction standards

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18
Q

repair and reduct

A

when landlord fails to make repairs, tenant may withhold rent until repairs have been made OR have the repairs done and deduct cost from rent

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19
Q

sublease

A

assignment of a lease by the lessee of an estate to a third person, conveying all or part of the estate for a shorter term than that for which the lessee holds originally

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20
Q

assignment

A

a legal term whereby an individual, the “assignor,” transfers rights, property, or other benefits to another known as the “assignee”

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21
Q

Truth-in-Renting

A

explains the rights and responsibilities of tenants and landlords and provides information about leases. security deposits, discrimination, safety, health, and NJ rental laws and regulations

22
Q

Americans with Disabilities Act

A

recommends reasonably achievable accommodations to provide access to the facilities and services

23
Q

gross lease

A

commercial leases where the tenant pays a set amount periodically for renting the property

24
Q

net lease

A

tenant pays a portion or all of the property taxes, insurance fees, and maintenance costs for a property, in addition to base rent

25
Q

percentage lease

A

tenant pays a base rent plus a percentage of any revenue earned while doing business on the rental premises

26
Q

variable leases

A

leases that allow for increases in fixed rental charge during the lease period

27
Q

graduated lease

A

an variable lease that provides for increase in rent at set future dates

28
Q

index lease

A

a variable lease that allows rent to be increased/decreased periodically, based on government cost-of-living index

29
Q

ground lease

A

when a landowner leases their land to a tenant who agrees to erect a building on it

30
Q

oil and gas leases

A

a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner’s property

31
Q

property manager

A

someone who preserves the value of an investment property while generating income as an agent for the owners

32
Q

management agreement

A

a contract between a property owner and the company or person hired to manage the property. This contract covers all of the responsibilities that a management company/property manager is taking on for the owner

33
Q

a lessor may restrict a lessee’s use of premises through_________

A

provisions included in the lease

34
Q

term of lease

A

the period for which the lease runs should be set out precisely

35
Q

federal lead-based paint disclosure

A

persons leasing residential housing constructed before 1978 must disclose the presence of known lead-based paint and provide lessees with relevant records/reports

36
Q

every tenant is entitled to know______

A
  1. how much interest to date tenant has earned on security deposit
  2. the special-interest bearing account that holds the tenants security deposit
37
Q

landlord must return security deposits within ______

A

30 days after the end of the lease, minus any damages they may have caused

38
Q

legal principles of leases

A
  1. possession of leased premises
  2. improvements
  3. maintenance of premises
  4. assignment and subleasing
  5. destruction of premises
  6. termination of lease
39
Q

leases carry the implied covenant that _____________

A

the landlord gives the tenant possession of the premises

40
Q

can tenants make improvements in their leased property?

A

Yes, but they generally become property of hte landlord

landlord and tenant must work out terms for fixtures that may be taken by the tenant

41
Q

If the landlord provides heat, what are the temperature regulations?

A

October 1 - May 1 = at least 68 degrees from 6am-11pm, and 65 degrees at night

42
Q

advance notice of termination of lease for different leaseholds

A
  1. estate for years = no advance notice of termination
    2.tenancy at will = three months notice in NJ
  2. periodic estates
    a. estate from year-to-year = three months notice
    b. month-to-month tenancy = one months notice
    c. week-to-week tenancy = one week’s notice
  3. lease for definite period to time = no advance notice after end date
43
Q

if the conditions of a lease are broken______

A

landlord can terminate lease and evict the tenant

44
Q

death terminates a lease if_______

A

a survivor notifies lessor within 90 days of death

45
Q

actual eviction

A

the legal process of removing a tenant from the property

46
Q

constructive eviction

A

when a landlord sidesteps the formal, legal eviction process, and instead attempts to force the eviction of the tenant by rendering the property uninhabitable. A tenant who is constructively evicted may terminate the lease and seek damages.

47
Q

disclosure of owners and managers

A

landlords are required to inform tenants of names and addresses of owners of the property, officers of a corporation, resident managers, managing agents, superintendents, and mortgage holds

48
Q

Federal crime insurance

A

in high risk areas that might not qualify for other insurance coverage, owners must provide tenants about special crime insurance from the department of housing and urban development (HUD)

49
Q

examples of achievable modifications to comply with ADA

A
  1. ramps
  2. lowering wall mounted public phones
  3. adding raised letters and braille markings
  4. installing auditory signals in elevators
50
Q

what are the two main budgeting expenses in rental properties?

A
  1. operating expenses (employee salaries, management fees, property taxes, cash reserve fund, etc)
  2. capital expenditures (renovation budget)
51
Q

Certified Property Manager

A

a real estate professional designation awarded by the Institute of Real Estate Management and recognized by the National Association of Realtors.

Real Estate (21 decks)

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